• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

GST Council Meeting Soon, Tax Slab Rates And Compensation Cess Key Review Points

OMMCOM NEWS by OMMCOM NEWS
July 12, 2025
in Business

New Delhi: The Goods and Services Tax (GST) Council is expected to meet soon to review the tax regime. This could be the most significant review since the scheme was announced on July 1, 2017, eight years ago.

According to reports, a sweeping reassessment of tax rates on consumer goods, which are currently taxed at the highest slab, and compensation cess might be among the top agenda items of the forthcoming meeting.

Moving pure term insurance policies from the current 18 per cent rate to a zero-tax bracket can also be a top proposal on the council’s table.

The life insurance sector has been demanding a 12 per cent basket, but the Centre seems willing to go further to help middle-class consumers, according to reports.

The council may consider moving the life insurance to a zero-tax bracket from the current rate, the reports stated. Health insurance buyers may anticipate some relief as well.

Scrapping the 12 per cent GST slab entirely could be under discussion. The development could lower taxes on a variety of items.

For over a year, discussions have been going on to simplify the GST, but no progress has been made.

Meanwhile, in June this year, India collected Rs 1.85 lakh crore in Goods and Services Tax (GST), a 6.2 per cent increase over the same month the previous year.

Despite a strong increase to stay above Rs 1.8 lakh crore, collections fell short of the record highs of Rs 2.37 lakh crore in April and Rs 2.01 lakh crore in May.

The government said that the collections have doubled over the last five years to reach a record Rs 22.08 lakh crore in FY25, up from Rs 11.37 lakh crore in FY21, as the GST marked its eighth anniversary of implementation.

Under the GST regime, the number of taxpayers has more than doubled over the past eight years, from 60 lakh to over 1.51 crore.

(IANS)

ShareTweetSendSharePinShareSend
Previous Post

Trump Slaps 30 Pc Tariffs On EU, Mexico Starting August 1

Next Post

‘Issue White Paper’: Congress Slams MP CM For His Upcoming Foreign Tour

Related Posts

Income Tax Bill 2025
Business

Govt Withdraws Income Tax Bill 2025 From Lok Sabha, New Version To Be Tabled On Monday

August 8, 2025
Indian stock markets
Business

Indian Stock Market Ends Lower Amid US Tariff Jitters, Sensex Declines 765 Points

August 8, 2025
Business

SBI Clocks 12.5 Pc Rise In Q1 Net Profit At Rs 19,160 Crore

August 8, 2025
Business

50 Pc Tariffs By US Bad Policy Move, India Must Continue To Protect Its Farmers: SBI Report

August 8, 2025
Business

India’s Income Roadmap: Gujarat Emerges Frontrunner; MP Improves As Southern, Western States Consolidate Earnings Dominance

August 7, 2025
Business

US Tariff Hike To Impact Only 4.8 Per Cent Of India’s Total Exports

August 7, 2025
Next Post

‘Issue White Paper’: Congress Slams MP CM For His Upcoming Foreign Tour

Sub-Jr Women's Hockey: Odisha And Jharkhand Win To Set Up Blockbuster Final Clash

NABARD Prepared To Lead From Front For India’s Inclusive Growth: Chairman

khimji
TPCODL
OMC
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.